Alaska Bankruptcy Laws

Thinking About Filing Bankruptcy in Alaska?

Listed below is an outline of the bankruptcy laws in Alaska. However, you can find out more information in less time regarding Chapter 7 and Chapter 13 bankruptcy laws by consulting with a bankruptcy attorney in Alaska.

Your Alaska bankruptcy attorney will be able to articulate state bankruptcy laws in a concise manner that will allow you to have a clear understanding of bankruptcy procedures and which form of bankruptcy best fits your financial situation.

Set up an appointment with a bankruptcy lawyer in Alaska by filling out the form below.

Alaska Bankruptcy Laws

In your initial consultation with your Alaska bankruptcy attorney you will learn all of the important differences from Chapter 7 and Chapter 13 bankruptcy.

Within this consultation your bankruptcy attorney in Alaska will ask you many personal finance questions or provide you with a profile sheet to list specific details regarding your finances. The answers you provide should assist you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is appropriate for you.

Chapter 7 bankruptcy is usually called liquidation as the bankruptcy trustee may opt to sell or auction non-exempted property (see State Exemptions list below).

However, in the majority of Chapter 7 bankruptcy cases, the individual filing bankruptcy owns no non-exempt property, so this would not apply to the majority of filings. Provided you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice since you would be allowed to discharge most of your unsecured debt.

Before filing Chapter 7 bankruptcy please discuss your situation with an Alaska bankruptcy attorney to determine exactly how much property may be exempt from liquidation.

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Alaska State Exemptions

Homestead

Principal residence worth up to $54,000.

Wages

Up to $350 in weekly net earnings.

Automobiles

Up to $3,000 worth of one vehicle, as long as the total value does not exceed $20,000.

Other Property

1. $3,000 worth of total personal property, including: clothing and household goods, books and musical instruments.
2. Up to $1,000 worth of jewelry.
3. Up to $2,800 worth of professional books, tools and implements.
4. Up to $1,000 worth of pets.
5. 100 percent of health aids, burial plots and certain benefits.

Chapter 13 Bankruptcy is often termed “reorganization”. Individuals filing Chapter 13 may own more property and by filing Chapter 13 may also retain the majority of their assets.

In Chapter 13 bankruptcy, the debtor draws up a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This installment plan enables the debtor to repay outstanding bills.

Speak With an Alaska Bankruptcy Attorney Today

If you have thought about filing bankruptcy in Alaska you may not know where to begin or simply feel burdened by the bankruptcy laws.

To resolve any questions about the bankruptcy laws, an Alaska bankruptcy attorney will be able to walk you through the bankruptcy process in everyday terms.  When you consult an Alaska bankruptcy attorney you will also be able to get many of your questions and concerns answered in the initial consultation.

We take the complexity out of finding a good Alaska bankruptcy attorney.  Just complete our free bankruptcy questionnaire on this page and we will connect you with an Alaska bankruptcy attorney in your area.

Note:This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.